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Don’t Fall for These Common “Credit Myths”!

By myfirstcho6600809, Jan 13 2020 08:53PM

A New year awaits you! And so do some exciting home loan opportunities!!

IF YOU CATCH UP ON YOUR LATE PAYMENTS. IT WON’T SHOW UP ON YOUR CREDIT REPORT.

FALSE! Each time you make a payment late, you run the risk of the creditor reporting the late payment to the credit bureaus. If you catch up, your credit report must show that you are caught up – but it will also show that you were late. And as a result, your credit score will suffer.

IF YOU PAY A SMALL AOUNT BY THE DUE DATE, IT WILL BE COUNTED AS A FULL PAYMENT.

FALSE! You must pay the minimum amount required by the due date. Otherwise, your creditor may report the payment as late or past due.

BAD DEBTS GO AWAY AFTER THEY ARE PAID!

FALSE! Because credit reports provide a history of your credit, bad debt charge offs, and late payments can stay on your credit report for seven to ten years.

YOU’RE NOT RESPOSIBLE FOR DEBTS ON JOINT ACCOUNTS OR CO-SIGNED ACCOUNTS IF THEY ARE NOT YOUR PURCHASES.

FALSE! Any time you are a joint account owner or co-signer, regardless of whether you’ve paid your share, both parties can be held completely responsible for the payment. It’s important to refinance after a divorce since any late payments on a joint or co-signed account will show up on your credit report.

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